Profit Fell 44% From a Year Earlier, but Investors Feared Worse

LONDON—Royal Dutch Shell PLC said on Wednesday that its first-quarter profit fell 44% from a year earlier on a $2.86 billion asset-impairment charge largely for refineries in Asia and Europe.

However, revenue and profit declines in its energy production and refining businesses were smaller than some investors expected, sending its shares higher following the earnings announcement. They finished up 3% at £2,347 ($3,949).